The Enforcement Directorate (ED) on Tuesday said it has seized "unaccounted" cash worth ₹31 lakh during searches at multiple locations in Karnataka and Andhra Pradesh in connection with a money laundering case.
An FIR registered in Karnataka's Bellary and the searches were carried out on February 10. (FILE PHOTO)
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The case under provisions of the Prevention of Money Laundering Act (PMLA), 2002, was registered against two individuals identified as Surya Narayana Reddy and Bharath Reddy. It stems from an FIR registered in Karnataka's Bellary and the searches were carried out on February 10, the agency said in a statement.
It said the agency found "incriminating evidence" indicating that Bharath Reddy allegedly mobilised approximately ₹42 crore cash over a few months just before the assembly elections and utilised the funds for "unlawful transactions".
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The search proceedings conducted by the ED found a "network of incriminating documents", business records and details of immovable and movable properties. Crucial evidence was seized along with "unaccounted cash" of ₹31 lakh, establishing the involvement of Bharath Reddy, his assistant Rathna Babu and others in mobilising substantial amounts of cash for illegal payments, the ED said.
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The search proceedings conducted by the ED found a "network of incriminating documents", business records and details of immovable and movable properties. Crucial evidence was seized along with "unaccounted cash" of ₹31 lakh, establishing the involvement of Bharath Reddy, his assistant Rathna Babu and others in mobilising substantial amounts of cash for illegal payments, the ED said.
The ED investigation also allegedly found that Sharath Reddy, who is the brother of Bharath Reddy, made undisclosed investments in foreign-based companies. The accused individuals were allegedly found to have invested in properties under "benami names and obtained suspicious loans from relatives, utilising their bank accounts without their knowledge".
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Further investigation is in progress, the ED said.
Yamini CS is a Senior Content Producer at Hindustan Times with nearly six years of experience in digital journalism. She is part of the India News desk, where she works on a wide range of stories cutting across civic issues, city-based developments, politics, governance, public policy, breaking news, trending topics, and international affairs that have an impact on India. Her role involves tracking fast-moving developments, verifying information from official and on-ground sources, and presenting news in a clear, accessible format for a digital-first audience. A significant part of her work includes handling live blogs during major news events, such as elections, court verdicts, political developments, civic disruptions, protests, weather-related alerts, and unfolding national or international incidents. Through live coverage, she focuses on timely updates to help readers follow complex stories as they evolve. Before moving to the broader India News desk, Yamini was associated with the Bengaluru desk at Hindustan Times, where she extensively covered urban governance, infrastructure, traffic and transport issues, weather events, public grievances, and civic administration in the city. This experience strengthened her grounding in city reporting and sharpened her focus on citizen-centric journalism. She began her career as a correspondent with Reuters after completing a postgraduate diploma in journalism from the Indian Institute of Journalism and New Media. Her early training instilled a strong emphasis on accuracy, sourcing, and news ethics, which continue to shape her reporting style. Outside of work, Yamini enjoys reading across genres, listening to music, and spending time with her family, which help her maintain balance in a fast-paced newsroom environment.
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